The global luxury menswear field is (finally) marketing media specifically to men, and new numbers show it’s with good reason. A study from consultants at Bain & Co. concluded that the field is growing at a rate of about 14% a year — in comparison, luxury women’s fashion is expanding only around 8% annually.
So why the discrepancy? First and foremost, China’s luxury market is on a speedy rise, and male customers make up about 75% of that consumer base. Second, of course, is the fact that there’s more room for growth. Menswear has some catching up to do when it comes to the robust women’s luxury market.
That said, the male taste for luxury is in no way limited to China — the venerable French department store Printemps just added a specialized corner to showcase men’s luxury accessories, and Hermès reports that sales at its menswear-only New York outpost are beating the averages (which are still good) at its U.S. stores overall.
So as the men’s side of the global luxury economy expands on the whole, will the business take on some of the aspects previously limited to women’s wear? Will we see a higher profile men’s fashion week? What about guys duking it out at bi-annual sample sales? No matter the course, we’re interested to see what direction an increased male taste for high-end style winds up taking.